Last Week's Biggest Sales
1. CARROLL GARDENS $1,858,306 277 President Street, Unit 2 GMAP (left) This 1,911-sf, 2-bedroom in a conversion was listed for $1,825,000 a year ago, according to StreetEasy. Entered into contract on 8/1/08; closed on 7/9/09; deed recorded on 7/20/09. 2. BOROUGH PARK $1,800,000 1818 51st Street GMAP (right) This is a 4,265-sf unit in a…

1. CARROLL GARDENS $1,858,306
277 President Street, Unit 2 GMAP (left)
This 1,911-sf, 2-bedroom in a conversion was listed for $1,825,000 a year ago, according to StreetEasy. Entered into contract on 8/1/08; closed on 7/9/09; deed recorded on 7/20/09.
2. BOROUGH PARK $1,800,000
1818 51st Street GMAP (right)
This is a 4,265-sf unit in a small condo, according to Property Shark. Entered into contract on 5/27/09; closed on 7/8/09; deed recorded on 7/21/09.
3. WINDSOR TERRACE $1,500,000
489 16th Street GMAP
When this was a House of the Day in April, it was asking $1,595,000. The sellers purchased it for $925,000 in 2005 and renovated. Entered into contract on 5/1/09; closed on 7/7/09; deed recorded on 7/20/09.
3. BOROUGH PARK $1,500,000
1448 56th Street GMAP
A 7,424-sf, three-family, according to Property Shark. Entered into contract on 5/14/09; closed on 7/8/09; deed recorded on 7/21/09.
5. VICTORIAN FLATBUSH $1,150,000
1816 Glenwood Road GMAP
This Fiske Terrace abode was a House of the Day in May, when it was listed for $1,300,000. The widget appraisal determined by readers was $1,017,552. Entered into contract on 6/2/09; closed on 7/9/09; deed recorded on 7/22/09.
5. COBBLE HILL $1,150,000
401 Hicks Street, Unit B-6H GMAP
Weird that this sale took so long to be recorded in public records: It’s a unit in the converted church called the Arches. Size unknown. Entered into contract on 3/6/08; closed on 5/8/08; deed recorded on 7/22/09.
Pics from Property Shark.
BHO, so Case Shiller slowing is not a bottom? It’s a short-term blip?
Quite a reversal from your previous statements that the Index tells all.
“that attitude definitely seems smarter than mortgaging yourself up to the hilt just so you can stay in an area that you really can’t afford.”
Yeah, but who wants to be a house-poor debt slave alone?
Big up to MM! (aka Momma Bear – Grrrrr!)
***Bid half off peak comps***
I’ve read two different reports in the last week or so (can’t go look for them now, about to head to the gym)…one of which was talking about the fact that financial service industry job losses in NYC have been 40% of what was predicted. They simply never slashed as many jobs as some people were saying.
Also read today that total amount paid out to bonuses this year may exceed the number the year before the crash.
Might go along with I disagree on why most sellers don’t seem to be panicking.
Also, Manhattan inventory has dropped from 10,122 30 days ago to 9,918 7 days ago to 9,868 1 day ago.
Even in the most dead part of the selling season, inventory is steadily shrinking (it was well over 11K a couple months ago).
antidope, what’s wrong with “i want my house and i want it on my terms”?
seems like MM is acting responsibly and following her gut.
i want my house and i want it on my terms too. and if that means i don’t get to stay in brooklyn, its not the end of the world.
that attitude definitely seems smarter than mortgaging yourself up to the hilt just so you can stay in an area that you really can’t afford.
I’ve grown quite fond of you too, 11217. And sixyears. Pouring that academic profile into teaching kids history in Brooklyn–wow–
He’s a catch, Jessibaby. I hope you’re still hanging out with him.
“Yes, Case Shiller index is starting to slow.”
As I posted in Tuesday Links…
Today’s Reading: 170.51
Change from last month: +0.02% (stimulus blip)
Change from last year (YOY): -12% (flat for a month)
YOY change from last month: -2% (“Case Shiller slows”)
Change from peak (June 2006): -21% (“greenshoots!”)
Okay, banks! We have bottom! Sell out Forte! Sell out Oro! Sell out Brooklyn Bridge Park! Thaw the pipes! Open the spigots! C’mon, let’s go!
[The saga of sporadic, short term blips and blams continues in the foreground of the real long term collapse…Fools rush in…]
***Bid half off peak comps***
good for the sellers who aren’t panicking. during the run-up, you had buyers panicking and, perhaps, buying sooner and at a higher price because they thought they’d be priced out otherwise. some of this was irrational, but a lot was based on assumptions that seemed rational at the time, e.g., that our entire credit industry actually had some standards, that their earning potential would stay relatively constant, etc.
now you have a situation where everyone is telling sellers to panic, but a lot in NYC just aren’t. who knows why – perhaps they now understand more about how market fundamentals might actually affect them, their future earnings and assets. they may understand that what’s going on in the housing credit markets right now may not be permanent, and may be an overreaction by lenders that will ease. they may have decided that people saying “you better slash your price or you will suffer!” can’t actually see into the future, and that a conservative approach to such a major transaction is the best one, assuming it’s feasible. whether they set their expectations in an otherwise reasonable way is a different question. no doubt there are factors that will affect the success of this approach that are almost entirely hidden at this point, and which most of us will be honest enough to say couldn’t have been known except in retrospect, but good for them for not overreacting.
I love you dylanfan.
Actually, when I buy my house, I think I’ll stick to the renovation/house maintenance discussions. The house we buy is the one we plan to stay in for life, so I’m not planning to trade up anymore…